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EUROPE
Draghi Sees No
‘Immediate’ Need for More Rate Cuts, Spiegel Says – BB
No need for further
cuts to the institution’s benchmark rate amid “encouraging signs” that the euro
crisis may be resolved
Mario Draghi Spiegel
Interview 30 December – ECB
Münchau: The single
biggest risk to global financial stability remains the eurozone – FT
UNITED STATES
Financial Regulators’
Fine Mess – Simon
Johnson / Project Syndicate
When an athlete breaks
the rules, it is easy to figure out whether the relevant disciplinary body
really wants to discourage repeat offenses. The recent $13 billion settlement
between the US Department of Justice and JPMorgan Chase, one of the world’s
largest international banks, should be viewed the same way.
Economic Policy: What
Has Changed in 25 Years? – WSJ
David and Jerry look at the past 25 years in economic policy and what
may come in the near future.
FEDERAL RESERVE
Fed Finds Herding
Investors Isn’t Easy – WSJ
The big risk central bankers face right now is that the herd will drive
interest rate expectations too far for the good of the economy.
On Challenging the
Fed –
Tim
Duy’s Fed Watch
The Fed's stated expected rate path looks overly dovish relative to
policymakers' growing belief that the declining unemployment rate should be
taken at face value and their dismissal of low inflation when making the
decision to taper. Consequently, short
rates are moving higher, taking long rates with them.
Inflation, Wages, and
Policy
– Tim
Duy’s Fed Watch
The fact that wages are rising while unemployment remains high is
probably something of a puzzle [to the Fed], and lends credence to the stories
that the labor market is currently affected by severe structural issues
ASIA
The latest economic data from Japan is providing some
good news for Prime Minister Shinzo Abe as he tries to demonstrate that his
“Abenomics” economic program is still going strong.
OTHER
Even in recent days, as the euro and sterling climbed to two-year high,
the yen slumped to five-year lows, and Australian and Canadian dollars remain
pinned near multi-year lows.
Unconventional
monetary policy - the Indian experience with crisis response and policy exit – BIS
Speech by Mr Deepak
Mohanty, Executive Director of the Reserve Bank of India, at the Reserve Bank
Staff College (RBSC), Chennai, 26 December 2013.
Overcoming deflation
and after – BIS
Speech by Mr Haruhiko Kuroda, Governor of the Bank of Japan, at the
Meeting of Councillors of Nippon Keidanren (Japan Business Federation), Tokyo,
25 December 2013.
The most obvious
source of cyclical asymmetry is not a nominal rigidity – MacroMania
No Joking Matter: The
IMF’s Embarrassed – All
About Alpha
The IMF has been
embarrassed by recent events and hopes to prove that its approach to debt
restructurings is not all about the 'occupation' of debtor nations. So it seems
determined to make life more difficult for the bondholders of insolvent
sovereigns.
FINNISH
Suomen talouteen eurokriisi on iskenyt
kovemmin kuin 1990-luvun lama aikoinaan! – Tyhmyri
Mainio vahtikoira – Henri
Myllyniemi / US
Asiantuntija: Työvoimapulaa ei oteta
vakavasti – MTV
Työnantajajärjestön
asiantuntijan mukaan yritysten rekrytointiongelmia ei oteta vakavasti, kun
samaan aikaan on toisaalla paljon työttömiä.
Suomi ei elä vain vientikysynnästä – Juhana
Vartiainen / VATT
Juhana Vartiainen ja työn tarjonnan suhde
kysyntään – Tyhmyri
Todellisuudessa
Vartiainen puhuu sisäisestä devalvaatiosta eli palkkojen laskemisesta -
Suhdannekuva pysyi joulukuussa yhä vaisuna – EK
Sijoituskohteet hupenevat - eläkerahat
vaarassa karata ulkomaille – YLE
Eläkeyhtiöiden
suursijoitukset uhkaavat paeta ulkomaille, jos Suomen talouskehitykseen ei
saada vauhtia. Suomen suurimman sijoittajan, eläkeyhtiö Varman uuden
toimitusjohtajan Risto Murron mukaan suomalaisyritysten rapautuminen alkaa olla
jo huolestuttavaa.
Miksi markka devalvoitiin 1991 ja päästettiin
kellumaan 1992 – Tyhmyri
Oliko
työttömyydellä vaikutusta?